Short- and medium-term U.S. Treasuries outperformed in early trading after comments from White House National Economic Council Director Kevin Hassett suggested potential softening in the U.S. labor market in the coming months. U.S. government bonds largely maintained their gains throughout the session, although an earlier steepening trend eased later in the day as investors awaited the pricing of Alphabet's $20 billion bond offering. Shortly after 3 p.m. New York time, Treasury yields were near their daily lows, declining by up to 1.5 basis points across the curve. Longer-dated Treasuries slightly lagged during the U.S. morning session following Alphabet's announcement of its large-scale bond issuance. Short-term bonds received a boost after Hassett indicated that job growth should slow in the coming months as U.S. population growth moderates, adding that this should not cause alarm. The delayed January nonfarm payrolls report is scheduled for release on Wednesday. Early gains were primarily supported by large block purchases in five-year Treasury futures, though the steepening momentum weakened later in the day. Total new dollar-denominated bond issuance reached $23.8 billion, with the majority coming from Alphabet's offering. Swap spreads were generally stable, slightly tighter across the curve compared to Friday's closing levels. As of 3:41 p.m. New York time, the yield on the U.S. 2-year Treasury note stood at 3.4851%. The yield on the U.S. 5-year Treasury note was 3.7429%. The yield on the U.S. 10-year Treasury note was 4.1981%. The yield on the U.S. 30-year Treasury bond was 4.849%. The yield spread between U.S. 2-year and 10-year Treasuries was 71.083 basis points. The yield spread between U.S. 5-year and 30-year Treasuries was 110.437 basis points.